Who gets a tax cut from 1 July? 1 July 2018 is the start date for the seven-year income tax plan announced in the recent 2018-19 Federal Budget. The seven-year plan benefits low and middle-income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for…
Your essential EOFY checklist No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you: 1. Donate If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this…
What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and residential subdivisions –…
June 30 is around the corner, which means it’s time to start thinking about your tax return. Read on to learn how to prepare for the end of the financial year and maybe even increase your tax refund. You can take the pain out of the end of the financial year by being organised. With…
As we approach 30 June, there are several end of financial year (EOFY) planning strategies you may wish to consider. Whether these are appropriate for you will depend on your financial situation, goals and objectives. Maximise your superannuation contributions Some of the biggest EOFY planning considerations centre on the fact that the superannuation contribution framework…
Mortgage pricing not strongly competitive The opaque pricing of discounts offered on residential mortgage rates makes it difficult for customers to make informed choices and disadvantages borrowers who do not regularly review their choice of lender, a report by the ACCC has found. The ACCC’s Residential Mortgage Price Inquiry is monitoring the prices charged by…
We live in a world where everything has become connected and integrated As such, business owners now expect their accountant to be involved in various aspects of their business rather than just provide them with a number for how much tax is due at the end of each year. Increasingly they want to work with…
Superannuation Guarantee Amnesty Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced on 24 May 2018. The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages…
